| In 2007, the state of Georgia was ranked as the | | | | the program, you should visit one of the lending |
| 7th leading state for foreclosures by a trusted | | | | providers working with the state of Georgia to |
| source in the industry, RealtyTrac. That was | | | | keep this program in operation. Some of these |
| more than a 30% increase from 2006 and the | | | | lenders include: BB&T Mortgage, Community |
| number of homes affected was close to 60,000. | | | | Capital Bank, Element Funding, New South Federal |
| That is bad news for thousands of homeowners | | | | Savings, and Prime Lending. Many other banks in |
| who have lost their homes, but it doesn't have to | | | | the area are also participating in these state |
| be bad news for everyone. If there is a silver | | | | programs, so give your bank or credit union a call |
| lining to be found in the tragic economic downturn | | | | to see if they can point you in the right direction. |
| in Georgia and the rest of the world, it is the fact | | | | Georgia Dreams Second Mortgage Program |
| that thousands of people who could not previously | | | | If the down payment is what stands between |
| afford to purchase a home are now happy | | | | you and your GA home loan, the Georgia Dream |
| homeowners. | | | | Homeownership program can help you as well. |
| The state of Georgia has been implementing | | | | This aspect of the program makes taking out a |
| programs such as the Georgia Dream | | | | GA home loan more affordable by offering a |
| Homeownership Program to help these people get | | | | delayed second mortgage, usually for applicants |
| into homes and reduce the number of foreclosed | | | | also taking advantage of the first mortgage |
| homes sitting empty. | | | | program described above. This second mortgage |
| This is a program in operation through the Georgia | | | | will be for either $5,000 or $7,500 and will need to |
| Department of Community Affairs. It was | | | | be repaid once the home is no longer being used |
| established in recognition of thousands of people | | | | as a primary residence, is sold, or transferred to |
| who dreamed of taking advantage of the Federal | | | | someone else. |
| tax credits for home buyers and the rock bottom | | | | This second mortgage serves as help with the |
| prices within the housing market. | | | | down payment and closing costs, as long as the |
| Georgia Dream Home Loans | | | | applicant puts up $500 of their own money |
| The loans that are secured through this program | | | | toward those costs. This has opened the door to |
| are typical FHA, VA, or conventional loans but | | | | home ownership to thousands of Georgians who |
| they receive fixed rates that are often lower | | | | otherwise would not be able to afford a GA |
| than the going rate in the state. This reduces the | | | | home loan due to the upfront expenses. |
| monthly payments on the loans, making GA | | | | These loans are intended to help specific groups |
| home loans more affordable to people with lower | | | | of people, including: |
| incomes. | | | | * First - time home buyers |
| In order to qualify for these special rates you will | | | | * Single parents |
| be required to live in the home as your primary | | | | * Displaced homemakers |
| residence, which eliminates those purchasing | | | | There are also some special loan terms which can |
| property to be rented out to others or as | | | | be obtained by health care workers, the disabled, |
| investment property in other ways. | | | | and those who are purchasing homes that are |
| To find out more information on this aspect of | | | | certified by Energy Star or similar programs. |
